The US, Ukraine and the UK lead in general use of crypto globally, new study shows
As the cryptocurrency sector grows, digital assets are used for various purposes such as payments and investments. However, the use of cryptocurrencies for such functions varies significantly from country to country, depending on factors such as regulations.
New research suggests that of a number of countries around the world, the United States ranks first globally in the overall use of cryptocurrencies, with 7.75 out of 10. Ukraine comes in second with a score of 5.96, followed by the United Kingdom at 5 .79, according to data of Trading machine shared with Finbold on 22 August.
In particular, the score took into account the number of crypto owners in a country, the global decentralized finance (DeFi) adoption index, the number of businesses that allow crypto payments, the number of Bitcoin (BTC) ATMs and the monthly search volume for cryptocurrency terms.
The study focused on finding countries that invest the most in crypto by trying different metrics from 50 countries.
US and UK driven by the size of the economy
The research notes that the US and UK rank at the top driven by factors such as the size of their economies and an advanced crypto economy. However, the study suggested that Ukraine, the poorest country in Europe by GDP and GNI per capita, ranks highly due to emerging economies’ overall crypto adoption trends.
Additionally, among the top ten countries with an overall crypto usage, Ukraine ranks at the top based on the percentage of the population that owns digital assets at 12.73%.
Such countries face economic challenges characterized by local currency devaluations that force citizens to invest in cryptocurrencies as a store of value.
This aspect is partly supported by the research’s prediction that Nigeria will lead as the country with the highest total adoption of cryptocurrencies in the next three years. According to the researchers, if crypto usage in Nigeria continues to grow at its current rate, the entire population will use digital assets.
As reported by Finbold, another study noted that Nigeria was among the countries leading interest in crypto despite the market correction experienced in 2022.
The Effect of Market Crashes on Crypto Adoption
Although the market crash has cast doubt on the sustainability of cryptocurrencies, a section of the industry believes that a future rally is imminent. For example, Bloomberg Intelligence commodity strategist Mike McGlone has argued that the market will increase in the second half of the year.
It is worth mentioning that the regulatory aspect will partially affect the adoption of cryptocurrencies in different countries. In particular, most jurisdictions have accelerated their efforts to enact relevant laws in response to the market crash.
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